UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: July 31, 1998
First Financial Bancorp
(Exact name of registrant as specified in its charter)
Commission File Number : 0-12499
California 94-28222858
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
701 South Ham Lane, Lodi, California 95242
(Address of principal executive offices) (Zip Code)
(209)-367-2000
(Registrant's telephone number, including area code)
NA
(Former name or if changed since last report.)
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ITEM 5. OTHER EVENTS
a) First Financial Bancorp Declares Fourteenth Consecutive Quarterly Dividend
Based upon the earnings for the quarter ended June 30, 1998, First
Financial Bancorp's Board of Directors declared a cash dividend of $.05 per
share, payable August 28, 1998 to shareholders of record on August 14, 1998.
This is the fourteenth consecutive quarterly dividend declared by First
Financial Bancorp.
"Cash" operating earnings increased by 9% over the prior year. "Cash"
operating earnings (net income before intangible amortization and significant
items unrelated to daily core operations) for the quarter ended June 30, 1998,
were $301,000, or $.21 per share, compared to $276,000, or $.20 per share, in
the comparable prior year quarter. Annualized return on average assets and
equity on this basis were .80% and 9.1%, respectively. Including items excluded
from "Cash" operating earnings, net income per share, was $181,000, or $.13 per
share, compared to $206,000, or $.15 per share, in the comparable prior year
quarter.
Earnings benefited from increased average loan and deposit volumes of
18% and 10%, respectively, compared to the prior year. Noninterest income
increased by 10% over the prior year, due in part to record mortgage loan
volumes. Noninterest expenses increased by 3% excluding feasibility and
exploratory costs associated with a strategic growth initiative that was
discontinued in May. Noninterest expenses increased by 10% inclusive of those
costs.
Total consolidated assets at June 30, 1998, were $152 million,
representing a 3% increase over December 31, 1997. First Financial Bancorp was
formed in 1982 and now provides a number of financial services to the California
communities of Lodi, Woodbridge, Lockeford, Galt, Plymouth, San Andreas, and
Folsom through its wholly owned subsidiary, Bank of Lodi.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
First Financial Bancorp
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Date July 31, 1998 /s/ David M. Philipp
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David M. Philipp
Executive Vice-President & CFO
Corporate Secretary
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